Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: NetSuite (NYSE: N) popped 19% in intraday trading today after the company reported in-line EPS, slightly better than expected revenue, and strong billings.

So what: Second-quarter non-GAAP EPS of $0.02 fell 33% year over year and was in line with the consensus estimate. GAAP EPS deteriorated to -$0.15 from -$0.11 in the year-ago quarter. Revenue of $57.8 million grew 23% year over year and beat the consensus forecast of $55.9 million.

Now what: Calculated billings (revenue plus the change in deferred revenue) of $62.6 million increased 30% year over year, which bodes well for revenue growth in the future. Nonetheless, the EPS levels and trends make it tough to call the stock's P/E ratio of 276 times and forward P/E ratio of 171 times a "suite" deal (pun intended).

Interested in more info on NetSuite? Add it to your watchlist by clicking here.

Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.